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You make a good point. We seem to be in the "Wild West" phase of device software, where the companies making the product have created guidelines based on competitive design, development and maintenance/update standards rather than standards created by regulatory bodies.

On one hand this can be abused to create artificial end-of-life scenarios by some hardware companies, but allows for a wide variety of choice in the companies providing alternatives. It also provides the end-user with less restrictions. Caveat emptor.

On the other hand, a regulatory agency could reign in companies trying to artificially shorten the lifespan of a piece of hardware, but at the same time make the standard of support a huge barrier to entry that restricts choice to only the largest companies. There might be less rampant IoT exploits, but there'd also likely be less personal freedom to do what you want on your devices.

Given how other industries like telecom and cable have trended, we'll probably get the worst of both worlds. There'll be expensive regulations that serve as barriers to entry for smaller companies, but the regulations won't do much to restrict corporate malfeasance.